Capital Gains Tax (CGT)
|The CGT annual exempt amount will rise to £12,000 for the 2019/2020 tax year.|
|From April 2020 letting relief will only be available to individuals who have shared occupancy with the tenant.|
|Also taking effect from April 2020, is a reduction to the final period exemption for principle private residence relief (PPR). This will be reduced from 18 months to 9 months, meaning you will only have 9 months to sell a property once you have moved out to benefit from a full PPR exemption.|
|The qualifying period in which an individual must meet certain conditions to qualify for Entrepreneurs Relief will be increased from 1 year to 2 years for disposals on or after 6 April 2019.|
|There were no changes announced to the rates of CGT.|
Planning should be undertaken before disposing of any assets to ensure that the annual exemption and any other available reliefs are taken advantage of. Please contact a member of our Tax team on 01228 711888 if you have any queries or are thinking of making a disposal.